Gateway Tower Set to Transform Downtown San Jose's SoFA District

A significant development is on the horizon for Downtown San Jose as Gateway Tower secures over $220 million in funding to bring affordable housing to the vibrant SoFA District. The Core Companies will construct a 15-story residential building at 470 S. Market Street, drawing support from the city of San Jose, Santa Clara County, and state resources. This project marks a step forward in addressing housing needs while enhancing the area's appeal as a center for arts and culture.

The tower will feature 220 units designed for residents earning 30% to 70% of the area median income. Among these, 55 units are set aside for rapid rehousing to help combat homelessness. A tenant preference program will give SoFA-based artists the first opportunity for some residences, supporting the district's creative community. Ground floor retail space exceeding 3,000 square feet will add to the neighborhood's lively street-level activity. The first four floors will also serve as a parking garage, ensuring convenience for residents and visitors.

Construction kicks off in the first quarter of 2026, with completion slated for early 2028.

Source: SVBJ

Gateway Tower Rises: Affordable High-Rise Housing Approved for Downtown San Jose

Over $38 million in loans has been approved for the Gateway Tower project, a 15-story building set to bring 220 affordable units to the SoFA District at 470 South Market Street. Developed by Core Cos., this marks the city's first purpose-built high-rise for workforce housing in Downtown San Jose. The shift to a fully affordable model addresses long-standing financing hurdles and aligns with efforts to meet housing needs amid economic pressures. With construction potentially starting in March 2026 and wrapping up in about two years, the tower promises to add vital residences to the urban core.

The project reserves 120 units for extremely low-income households, with rents starting at $1,055 for studios and reaching $1,567 for three-bedrooms. Another 98 units target households earning between 50% and 70% of the area median income, offering rents from $1,758 for studios to $2,611 for three-bedrooms, plus two manager units. Public funding, including an additional $25 million from the county, totals over $63 million to make this possible. Such investments highlight San Jose's dedication to creating accessible living options that support diverse communities, including artists who contribute to the local creative economy generating nearly $300 million annually.

Downtown San Jose will gain a new landmark that enhances its southern gateway, blending modern design with proximity to arts and cultural spots. City leaders emphasize how the tower will strengthen the area's character and help retain talent in Silicon Valley.

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Meeting Tomorrow For Gateway Tower, Downtown San Jose - San Francisco YIMBY

Source: The Mercury News